Is there a normal decline in production during the summer months? Our lead flow on marketing has been very slow the past 6 weeks and I'm wondering if this is due to issues with the marketing, or if this is seasonal? I am relatively new in the annuity world partnered with an older advisor who suggests this is normal and happens more or less every year, but I have my reservations about this...
Annuity Summer Slump?
- Thread starter Jack12345
- Start date
ValeRosso
Guru
- 529
What type of marketing are you doing?
I don't know the actual answer, but Im assuming its because its summer and people are on vacations, at their beach house, busy with other things and dont want to talk about annuties right now. Just my opinion.
I don't know the actual answer, but Im assuming its because its summer and people are on vacations, at their beach house, busy with other things and dont want to talk about annuties right now. Just my opinion.
- 4,592
I believe in a few weeks, you will see LIMRAs quarterly report stating a record number of Annuities were sold so far YTD in 2023 compared to any other year in recorded history.....................................sooooooooo, definitely not a slump, cant have record purchases without consumers on the other end of the transaction
Here is the most recent LIMRA report from 2 months ago showing a record quarter, far surpassing even the record sales of 2022: LIMRA: Another Record-Breaking Quarter for U.S. Annuity Sales
Producer Patrick
New Member
- 5
Generally also expect an overall decrease in sales during the summer for the reasons ValeRosso noted.
However, a quick review of LIMRA reports on annuity sales indicates they can remain robust in both Q2 and Q3.
- 4,592
agree--but seasonal variations tend to be predictable, not a slump. So, if it happens each year--not a slump. IE tax preparer or a green house cant say they are seeing a huge slump in sales this summer from 1st & 2nd quarters when every year they have been in business Q3 drops off
Most of these "slumps" are in the agent's head.
Are you tracking your activity? Is it the same (not feels the same, but verifiably the same?
I may write less in the summer or over the holidays. Not because of a slump but because I don't want to work as hard.
I would bet there are plenty of agents out there having record months right now.
Are you tracking your activity? Is it the same (not feels the same, but verifiably the same?
I may write less in the summer or over the holidays. Not because of a slump but because I don't want to work as hard.
I would bet there are plenty of agents out there having record months right now.
- Thread starter
- #7
I am partnered with an older advisor who is covering the cost of marketing/lead gen in exchange for a 50/50 commission split. I am new to the annuity space so I am unaware of the seasonality (or lack thereof) of this business. The leads/appointments we've gotten from FB ads have more or less completely stopped the past month or so and he says this is b/c the summer is slow. I think it's because he doesn't really want to work right now/is taking time off and is using this as a convenient excuse rather than being honest. I'm trying to determine whether what he is saying is accurate... or if he's just blowing smoke.
Annuity leads are notoriously streaky but are more tied to the market than seasonality.
Summers are slow for most older advisors for exactly what you described (not wanting/having to work).
You need to have a bank of other activities for when things slow down. I market online too and when the flow is low, I have a list of projects to work on (mostly centered around other leadgen roads).
I wouldn't be overly concerned but I would concentrate on some ideas to generate your own leads. It will be a good use of your time.
You may not be getting leads like before during summer however, if you have a book of business, they are around to give you referrals. Summer might be easier to pick some ones brain. Call them when they are on the beach while drinking cocktails and ask. People die all seasons, I just opened up an annuity case this week, it will be around 200k to 300K, husband died last week, she wants guarenteed income with options for. LTC.
